Petrobras on Petros Plan

Source: 11/30/2022, Location: South America

Petrobras was disclosed by the Fundação Petrobras de Seguridade Social (Petros) that its Deliberative Council approved the Deficit Equalization Plan (PED) for the year 2021 of the Renegotiated Petros Pension Plan (PPSP-R), because this plan has exceeded the legal limit of tolerance to technical deficit.

The PED-2021 foresees the equating of the total value of the deficit recorded in 2021, of R$ 7.7 billion, which will be updated until December 2022. In September 2022, this value updated by the actuarial target was R$ 8.4 billion.

According to Supplementary Laws 108/2001 and 109/2001, as well as Resolution no. 30/2018 of the National Council for Suplementary Pension (Conselho Nacional de Previdência Complementar - CNPC), the deficit must be equated equally between the sponsors (Petrobras, Vibra Energia, and Petros) and the PPSP-R participants and pensioners. Therefore, Petrobras will be responsible for a total amount of R$ 3.9 billion in September 2022.

The disbursement by the sponsors will be decreasing over the life of the plan, and is estimated, for the first year, to be around R$ 300 million for Petrobras.

The PPSP-R is a defined benefit plan and, according to Petros, this deficit was directly impacted by the economic environment that affected mainly the fixed income segment, especially because of the marked-to-market public bonds, which suffered from the increase in the interest rate curves.

The PED-2021 was considered on this date by Petrobras' Board of Directors and will be forwarded to the Secretariat for Coordination and Governance of State-Owned Companies (SEST). If there is a favorable opinion from this body, the equalization plan will be implemented by Petros with the start of charging extraordinary contributions in April 2023, in addition to the normal and extraordinary contributions already in effect.

The actuarial position of the PPSP-R plan was reflected in note 17.3 - Post-employment benefits in the financial statements of 12.31.2021 and, additionally, the effects of the implementation of new extraordinary contributions by the PED-2021 will be considered in the actuarial revaluation of 2022.

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